Insights

Market notes

Short, dated analytical notes on cross-border flows, settlement infrastructure, and emerging-market developments relevant to our practice.

April 2026

Russia–Africa trade settlement: structural reality of 2025

Over 84% of Russia–Africa transactions now bypass the dollar and euro. The shift is real, but the structural ceiling — Russia's $27B trade footprint vs China's $150B — sets the limits of the corridor.

April 2026

Trade with India: why the rupee channel never worked

Despite political momentum, rupee settlements never reached operational scale. The corridor has migrated to dirham via the UAE and yuan via mainland China.

April 2026

West African cocoa: corridor outlook beyond Côte d'Ivoire

The COCOBOD crisis in Ghana, supply contraction in Côte d'Ivoire, and the emergence of Nigerian counter-trade structures have reshaped the cocoa corridor.